Sometimes, we can be so excited to start new renovation projects that we get ahead of ourselves. In our rush, we can often overlook important points that may come back to bite us much later. When you start something as costly, and time consuming, as home renovations, you'll want to make sure you get it right the first time. Here are six requirements you should meet before starting any home renovation project.
Know Your Budget
Many times homeowners underestimate the cost of home renovation. For many of us, we tend to bite off more than we can chew, our eyes are bigger than our stomachs - you get the picture. That said, it's essential to know your budget and always overestimate the expenses of a renovation - we typically tend to think something will cost less than it is. Once we get to a Home Depot or Pier 1, we can be easily overwhelmed by everything that we want.
Stick to the basics, overestimate your budget - it's expected that you'll overspend. That said, rebates are a great way to save on renovations. Upgrades, such as insulating the basement insulation, window replacement, etc. can oftentimes help qualify you for federal, state and local rebates that may quickly add up. You may have to spend a bit more upfront but the sweet rebates that come in the mail in a few months are very well worth it. Saving the environment can help you save money - it's a win-win.
On the other hand, some mortgage lenders will offer finance options to pay in payments. Utilize it if you can.
Know Your Priorities
In addition to knowing your budget, it's essential to know your priorities. What's most important? The peeling paint on the kitchen ceiling or the bathroom faucet that isn't terrible but not as shiny as it was a couple of years ago. Especially when you're on a tight budget know what's most important to you. In understanding this - acknowledge whether renovating will save you money in the long-run.
Installing solar panels is a "smart" updo because it can save you thousands of dollars over the course of a year and subsequent years after. Concurrently, sometimes the simplest renovations can offer a greater return - for instance re-insulating your attic can recoup as much as 117%. A budget-friendly fix that's worth the return.
Visualize, Visualize, Visualize
You've heard it before - you know what we're talking about. Visualization applies to everything - the perfect job, the perfect soulmate and yep, you called it - the perfect newly renovated home. It's imperative to visualize how you'd like your home to look. Think about what you are trying to achieve and if necessary, consult with an architectural/ interior designer to help bring your vision to life (You don't have to do it alone you know!).
If you are more into the DIY route, collect pictures that speak to you from Pinterest. Build a vision board of what you'd like your newly renovated home to look like with color schemes, wood types, lights, etc. The more specific the better - that way as you're on the hunt for the perfect lamp or shade of flooring you can get closer to your dream vision.
Patience is a Virtue
Rome wasn't built in a day and neither will your newly renovated home. It's expected that you'll want everything done at once. But as the old adage goes - "You can have it all just not all at once." To remind you - start small, know your budget, start with your priorities and go from there. Once you fulfill the most imminent matters move onto the next and go from there. You'll feel better for it and your wallet will thank you for it as well.
Cover Your Bases
Home projects that deliver big results can spawn from just about anything. When looking for a new home to renovate you want to consider several things. How old is the home, who lived there prior, etc. When you're buying a new home to renovate, the optimal strategy is to repair existing features, make sure the home is free of mold (dry), the base structure is sturdy and safe, and undo any ancient mistakes that could jeopardize the property as a whole. Start with the essential basics and move onward from there.
Do Your Research
Research for the best contractors. It's always better to pay more upfront for the best and most efficient players than to spend more time and money than necessary in the long haul. The last thing you want is a contractor who is practically living in your house for five months taking his sweet time to finish a paint job that should have taken one. Do it right or don't do it at all.
